Lone Star Funds said that it was possible that BI-LO could emerge from bankruptcy in the first quarter of 2010. Bankruptcy Court to restructure, with parent company Lone Star Funds providing a $350 million cash infusion, and Delhaize Group and Food Lion left out of the plans. Shortly after, in November 2009, the company filed plans with the U.S. In October 2009, Delhaize Group, headquartered in Belgium and owner of competing chain Food Lion, announced that it entered a preliminary, non-binding agreement to purchase $425 million worth of assets from the chain. The company secured a $100 million loan from GE Capital in order to continue paying wages, salaries, benefits, suppliers, and vendors. On March 23, 2009, BI-LO announced that it had filed chapter 11 bankruptcy and intended to use the court-supervised process to address "an upcoming debt maturity." The company said that expects its stores and regular operations to continue to operate as usual during the process. Soon after, C&S announced that it was closing the Chattanooga distribution center that served the BI-LOs in the Chattanooga area and portions of North Georgia.
On April 16, 2007, Lone Star announced that it was putting the 230-store BI-LO chain up for sale. On March 21, 2007, Lone Star Funds announced the corporate spin-off of the 67 Bruno's Supermarkets and Food World stores from BI-LO LLC into a separate company to be based out of Birmingham. In February 2017, Anthony Hucker was appointed as President and CEO of Southeastern Grocers. Southeastern Grocers was rated #31 in the Forbes 2015 ranking of America's Largest Private Companies. The portfolio was created by Lone Star Funds in September 2013 as the new parent company for Harveys, Winn-Dixie, and Fresco y Más. Southeastern Grocers (formerly Bi-Lo Holdings) is a supermarket portfolio headquartered in Jacksonville, Florida. Harveys Supermarkets, Winn-Dixie, Fresco y Más
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